Yep, the system is rigged to big political donors. We just gave Amazon $129 million rebate that came from health funding, schools, defense….second huge company in 2 weeks to get rebates. US tax payers have to make up the difference.
“When Congress in 2017 enacted the Tax Cuts and Jobs Act and substantially cut the statutory corporate tax rate from 35 percent to 21 percent, proponents claimed the rate cut would incentivize better corporate citizenship,” the report continued. “However, the tax law failed to broaden the tax base or close a slew of tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits.”
Amazon To Pay $0 In Federal Taxes In 2019: Report
The tech giant reportedly used various tax breaks and credits to claim a $129 million rebate on $11 billion in profits last year.